$40 cents club, page-1085

Dear MsTragic

You will notice I am not hiding behind a nom de plume.

Apologies for not having replied to your numerous posts until now and factually contributing to the discussion.

What follows is a reply to your statements about Red 5 Limited and Red 5 Limited only.

There appears to be a complete disconnect between the actual facts (including that, that could have been researched by you) and what you espouse to this forum to be facts about RED.In short, it is my belief, you crossed the line.

In the FIRST sentence of your post (#: 73129190) you managed to get all four main assertions completely wrong:

1. “Greg Edwards was fired by the BOD”. In fact, I resigned as evidenced by the ASX announcement of 15/11/12 (I actually resigned a few days before). I’ll happily provide the details and reasons if you like. (Strike 1)
2. “replaced with Mark Williams”. In fact, I was replaced by a “Lead Director” (Gary Scanlan) who lasted only six weeks or so before resigning. Ultimately Steve Norregaade was appointed in January 2013 and resigned in April 2014 (although as I understand from the Chairman at the time his resignation was planned earlier in January 2014). Mark Williams (who had possibly been consulting to the company during Norregaard’s time as MD and initially was appointed as a Non-Executive Director), became the MD after Norregaard departed. So, by my math you are out by 18 months. (Strike 2)
3. “because of his management failures”. Excuse me, but the tailings dam failure of 25 April 2013 (the reason, in part, being reported six months later in the quarterly in late October 2013), the major pit wall failures (yes that’s plural, never reported in total), the protests by hundreds of the local indigenous people who blockaded the main haul road for weeks (never reported, I can send the photos and news articles), the failure of the cemented-tailings system when the mine restarted (never reported but the reports, presentations and correspondence to the mines department (MGB) of the time make wonderful reading. Not.), amongst others, were all failures between six months and three years after I left RED. (Strike 3)
4. Was it a “management failure” to have obtained all the required permits for Siana in record time, to have built the mine on budget (USD 83m), to have totally dewatered the pit of approximately 10 billion litres of water and to have had harmonious relationships with the government, the locals and the workforce amongst other things? It still strikes me as odd that the lifting of the Cease-and-Desist Order took about 3-4 times longer than it did to obtain the permits in the first place!
5. “which saw the SP lunge more than 90%” When I resigned from RED the SP was circa 130c. It fell precipitously after the ASX announcement of my resignation was made (and a little before… a leak?) to 100c. Then the SP dropped to 62c before the tailings dam failure in April 2013. A CR at 10c was made thereafter. I can only assume this statement by you is a serious and rare form of mathematical and chronological dyslexia? I almost fell over backwards when I read it! (Strike 4)

I have a very thick skin and I will leave it alone for now pending advice that is forthcoming. It is, after all, Easter Monday. I can only be mildly comforted by your pre-text: “More nonsense” because that’s what everything you wrote was thereafter. As a judge on a case in the US has recently pronounced, “It has the odor of mendacity”.

But what griped me has been your (and others) repeated attack of Ms Gina Lopez, a kindly woman who passed away in 2019. She was a beautiful and intelligent woman. She didn’t come “to power” as you incorrectly stated, she was proposed as the Secretary of the Department of Environment and Natural Resources. Appointees that have not been confirmed by the Commission on Appointments have no power whatsoever. They cannot sign a document on behalf of the government or act as Secretary. Your pronouncements are maliciously false. (Incidentally, a mutual friend of Ms Lopez and myself contacted me about your post yesterday.)

By the way, the Clearance and Notice to Proceed for Tailings Dam #6 was approved by the MGB. It was the RED’s BOD’s decision, as is their right, not proceed with the mine.

Finally, your attacks on Mr Pike. I have never met him (not that I know), but I know of him. Just as I know of you and your associates. (Rest assured I will not dox you, your associates or Mr Pike.) I cannot find any substantial errors in any of his posts. He is honest. If I had to trust my family and friends’ safety to anyone, I would pick him every time.

And as a final adieu, I found “You’re entitled to your opinions but not your “facts”” comment highly amusing. The guys in my office were so tickled by that one, that one of them is still cleaning his desk from the spray of coffee emanating from his laughter. You should do a stand-up routine!

Looking forward to your next “D” rated posts. Better still, stick to comedy. It will be a change from your pseudo-analysis. As you said “Build a bridge, move on!”

Kindest regards